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Spencer Burton introduces Ron Rohde, the Acre legal contributor, who will discuss a waterfall template partnership agreement requested by viewers. Ron explains that this document is essential for outlining the terms of investment between partners, typically a general partner and a limited partner. It details the rights and responsibilities of both, as well as the process for returning capital upon reaching certain thresholds. Ron emphasizes the variety of legal and modeling options available for sophisticated projects and mentions that he will be accompanied by Matthew Green, an experienced real estate analyst and acquisitions expert, to enhance the discussion.